TPSSL partners with Indian Bank for affordable solar rooftop adoption in residential segment
Under the framework of the PM Surya Ghar Muft Bijli Yojana initiative, residential consumers can avail of loans up to Rs 2 lakh at an annual interest rate of 7%, in compliance with government regulations.
Tata Power Solar Systems Limited (TPSSL), a leading solar company in India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), announced its strategic partnership with Indian Bank, a leading public sector bank in India to bolster the adoption of solar rooftop among residential consumers. The collaboration aims to facilitate financing solutions under the popular Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme for installations up to 3 KW, as well as extend support for installations ranging from 3 to 10 KW under the regular scheme.
Under the framework of the PM Surya Ghar Muft Bijli Yojana initiative, residential consumers can avail of loans up to Rs 2 lakh at an annual interest rate of 7%, in compliance with government regulations.
Read Also : THDCIL’s ‘HR Retreat: Navigating Emerging Trends’ to Drive Excellence in Public Sector HR Management CulminatedWith a nominal margin money requirement of 10% and collateral-free financing, homeowners can embark on their solar journey with ease. Furthermore, the tenure for repayment extends up to 10 years, offering flexibility and convenience.
For installations exceeding 3 KW up to 10 KW, TPSSL and Indian Bank present a tailored financing solution that accommodates the diverse needs of homeowners. Eligible applicants can access loans up to ? 6 Lakh, with a margin money requirement of 20%. Interest rates ranging from 8.4% to 10.8% per annum ensure competitive financing options.
Read Also : PFC organised a mass mobilisation campaignThe collaboration is aligned with the Government's commitment to champion Residential Solar, this corrigendum between TPSSL and Indian Bank seamlessly integrates with the core objectives of the Government's PM-Surya Ghar Muft Bijli Yojana initiative. By prioritizing improved accessibility and affordability for a broader spectrum of stakeholders, this initiative is poised to make a profound impact on the widespread adoption of solar solutions.
Read Also : Engineers India conferred with 16th Edition of CII-SR EHS Excellence Award 2023News Must Read
- Vikram Solar Wins a 397.7 MWp Module Supply order for NTPC Khavda Project
- BEML bags order worth Rs 250 crore from Northern Coalfields Ltd
- PhonePe collaborates with LankaPay to promote UPI payment acceptance in Sri Lanka
- HAL Q4 results, net profit up by 52.2 percent YoY
- GAIL India Q4 results, 22 percent fall in net profit
- MOIL Registers historical performance in FY'24
- PFC Q4 results, PAT jumps 20% YoY to Rs 5,624 cr
- CBI arrests Addl. General Manager of MIDHANI, Hyderabad in Bribery Case
- DHFL Scam: India's Biggest Banking Scam
- CONCOR CMD Interacts with Cold Chain Logistics industry leaders based in Japan